PPF to PAN-Aadhaar hyperlink: 8 cash duties that you must full by thirty first March
With the tip of March 2022, deadline for varied money-related duties may also finish. PAN-Aadhaar linking, revised or belated ITR submitting, checking account KYC replace, minimal funding required in small saving schemes like Public Provident Fund (PPF), National Pension System (NPS), and many others are among the vital cash duties that one wants to finish on or earlier than thirty first March 2022.
Here we record out 8 vital cash job that an incomes particular person should full on or earlier than thirty first March 2022:
1] Belated or revised earnings tax return (ITR) submitting: Deadline for belated ITR submitting for AY2021-22 is thirty first March 2022. Thus, taxpayers who did not file ITR by the given due date are suggested to file their belated earnings tax return by thirty first March 2022.
Similarly, final date for submitting belated or revised ITR for FY2020-21 is thirty first March 2021. In case, a taxpayer has filed its late ITR on-line, she or he can nonetheless edit it on or earlier than thirty first March 2022. So, being a taxpayer, should you notices any mistake in your e-filed ITR, you’ll be able to nonetheless edit that mistake by the given deadline of thirty first March 2022.
2] PAN-Aadhaar linking: Deadline for seeding one’s PAN with Aadhaar card is thirty first March 2022. Failing to satisfy this deadline will result in one’s PAN card changing into inoperative or invalid. Under part 272B, carrying an invalid PAN card could result in ₹10,000 penalty. Also, one’s TDS on financial institution deposit curiosity will get doubled.
3] Bank account KYC replace: On rising Omicron menace on the finish of yr 2021, the Reserve Bank of India (RBI) prolonged the deadline for checking account KYC replace from thirty first December 2021 to thirty first March 2022. So, checking account holders ought to full its KYC replace by new deadline in any other case their checking account would possibly get freezed.
4] Investments to cut back earnings tax outgo: End of March will probably be finish of present monetary yr as nicely. So, a taxpayer is suggested to take a look at one’s tax saving investments and make sure that they’ve maximised their funding in tax saving devices like Public Provident Fund (PPF), National Pension System (NPS), ELSS Mutual funds, and many others.. If there nonetheless some scope left for tax saving funding, they should benefit from this chance by March thirty first, 2022.
5] Linking small financial savings scheme with checking account/put up workplace financial savings: The Department of Post has issued discover that curiosity of on MIS/SCSS/TD accounts will probably be credited solely in account holder’s PO Savings Account or Bank Account from 1st April 2022. This means one has to hyperlink one’s small saving scheme accounts with put up workplace account and checking account to proceed getting curiosity credit score on time.
The newest round says, ““Interest on MIS/SCSS/TD accounts will be credited only in account holder’s PO Savings Account or Bank Account with effect from 01.04.2022. In case an account holder is not able to link his/her Savings Account with MIS/SCSS/TD accounts up to 31.03.2022 and interest is credited in MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid only through credit in PO Savings Account or by Cheque. Interest payment in cash shall not be allowed from MIS/SCSS/TD sundry office account w.e.f. 01.04.2022.”
6] PM Kisan KYC replace: e-KYC has turn into obligatory for PM Kisan registered farmers. So, registered PM Kisan farmers should replace their KYC both on-line or offline earlier than thirty first March 2022. Failing to satisfy this deadline will result in non-repayment of subsequent PM Kisan installment.
7] Maintaining minimal contribution on PPF, NPS account: For lowering earnings tax outgo, an incomes particular person invests in PPF and NPS account. But, earlier than finish of March 2022, one wants to make sure whether or not it has invested minimal required cash in a single monetary yr or not. Minimum annual deposit in PPF account is ₹500 whereas minimal annual deposit required in Tier-1 NPS account is ₹1,000 in single monetary yr.
8] KYC for demat and buying and selling account: According to the SEBI round issued in April 2021, NSDL and CDSL are required to make sure that six KYC attributes — identify, tackle, PAN, legitimate cellular quantity, legitimate e-mail ID and earnings vary — are up to date within the present demat and buying and selling accounts.
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